Finance Minister Nirmala Sitharaman announced significant GST rate cuts following the 56th GST Council meeting, implementing a two-tier structure of 5% and 18% effective September 22. The rate rationalization, supported by all states, aims to benefit the common man by consolidating rates and reallocating items across tax slabs.

Finance Minister Nirmala Sitharaman announced significant GST rate cuts, effective September 22, bringing relief to the common man. Daily use items like hair oil, soaps, and toothpaste now fall under the 5% tax bracket. Several items, including ultra-high temperature milk and paneer, face zero tax. Air conditioners, TVs, and small cars are now taxed at 18%.

PM Modi said that during his Independence Day speech, he had mentioned the government’s plans to bring “Next-Generation” reforms in the GST